Mexico’s Pemex plans $1.9-billion investment in offshore field

Mexico

MEXICO CITY, January 8, 2025 – Mexico’s Pemex plans to invest USD 1.9 billion in increasing production from the Bacab mature offshore field, bnamericas reported on Tuesday.

This week, the NOC received approval for the initiative from the country’s National Hydrocarbons Commission, or CNH.

The shallow-water Gulf of Mexico field saw production peak in 1993 at 20,000 bopd of oil and 257,683 cubic metres (9.1 mcf) of gas.

Pemex aims to bring output of the field’s heavy crude to 40,000 bopd by mid-2028, the report said.

This would mark a ten-fold increase from current production levels, according to a 2024 report from Bloomberg.

The field was discovered by Pemex in 1977. In the last two decades, operations have experienced problems with the water cut.

In August of last year, Pemex signed a deal with local player CME Oil and Gas to revive both the Bacab and Lum fields.

Pemex remains dominant in Mexico’s upstream, contributing around 95% of the country’s oil production, which hovers around 1.8 million bopd.

Read our latest insights on:

• Mexico

Previous

Equinor sees record production, lower emissions in North Sea Troll field

Next

Shell awards SLB multi-region deepwater contracts